Revival of Libya’s War-Torn Oil Industry to Be Slow and Costly
- Facilities are decaying after nearly a decade without repairs
- Potentially decisive battle at Sirte won’t end Libya oil woes
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Libya’s oil industry is crumbling after more than nine years of neglected maintenance amid a civil war that’s killed thousands and destroyed towns across the country.
The lack of basic, nuts-and-bolts servicing has left pipelines corroding and storage tanks collapsing. Remedial work at wells alone could cost more than $100 million, the head of the state-run National Oil Corp. told Bloomberg, and that’s money the government can ill afford.